Tax Tips For Harvey Golub (And Other Millionaires)

August 25, 2011.  Tax Tips For Harvey Golub (And Other Millionaires) (Wall Street Journal).  Hey, Harvey Golub — I’m sorry to hear about your tax problems!  In a rebuttal to Warren Buffett’s call for higher taxes on the super-rich, you wrote in Monday’s Wall Street Journal: “Of my current income this year, I expect to pay 80%-90% in federal income taxes, state income taxes, Social Security and Medicare taxes, and federal and state estate taxes.”  Yikes!  Harvey, you came to the right place.  We’re here to help.  I don’t know your exact financial situation, of course. But I figure you must have at least $100 million in the bank. After all, you were a high-earning corporate honcho for decades, including twenty years of the biggest bull market in history. Over that time you were a senior partner at McKinsey & Co., the chief executive of American Express, and the chairman of Campbell Soup.  According to the American Express proxy statements, you were collected about $50 million in salary, bonus, and stock options just in one year, 1999.  At age 72, you’re presumably mainly living off your investments. But I would assume you’re earning several million a year…